CATL is said to consider up to US$5 billion share sale in Hong Kong
The company has a market value of about US$282 billion
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[HONG KONG] Contemporary Amperex Technology Co Limited (CATL) is considering a share sale to raise as much as US$5 billion in Hong Kong after rallying strongly since its May listing in the city, according to sources familiar with the matter.
Fujian-based CATL, the world’s biggest maker of electric-vehicle batteries, has held preliminary talks with banks about the placement, the sources said, asking not to be identified because the deliberations are private.
The Chinese company has also been considering selling convertible bonds to meet some of its funding needs, two of the sources said. Considerations are ongoing and no final decisions have been made, the sources said.
CATL shares slid as much as 6.2 per cent in Hong Kong on Tuesday morning following reports on the possible share sale.
A representative for CATL did not respond to a request for comment.
CATL last month reported full-year profit that beat estimates after it weathered a price war in China by boosting overseas sales and leveraging its dominance in the energy-storage industry. Its first-quarter earnings are due this week.
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CATL’s Hong Kong shares had surged 160 per cent till Monday since a second listing in May. The company has a market value of about US$282 billion.
Other media, including Dealreporter and IFR, reported on CATL’s share sale considerations previously. BLOOMBERG
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